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Dec 28, 2011
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. >> reporter: the m.f. global scandal could also weigh on the commodities market next year. the firm's bankruptcy and missing customer funds could make some investors jittery about pouring money into the market. diane eastabrook, "nightly business report," chicago. >> susie: still ahead, apple's former chief evangelist gives us his outlook for technology in 2012. he's guy kawasaki. more discouraging news today about the housing market-- the standard and poor's case-shiller home price index showed prices in october were down over 3% from the same time a year ago. sylvia hall reports. >> reporter: across the country and with few exceptions, home prices dropped in october. the closely watched index tracks residential property values in 20 cities. it fell 3.4% in october as home prices dropped in 18 of those 20 cities from the year before. >> altogether, home prices have not hit bottom and these numbers have not started to rebound. >> reporter: atlanta led the decline with annual returns down almost 12% from last year. blitzer blamed poor consumer confidence and the low cost of
. >> reporter: the m.f. global scandal could also weigh on the commodities market next year. the firm's bankruptcy and missing customer funds could make some investors jittery about pouring money into the market. diane eastabrook, "nightly business report," chicago. >> susie: still ahead, apple's former chief evangelist gives us his outlook for technology in 2012. he's guy kawasaki. more discouraging news today about the housing market-- the standard and poor's...
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Dec 7, 2011
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of m.f. global to testify on thursday. no word yet on whether he will answer questions or assert his fifth amendment rights. darren gersh, "nightly business report," washington. >> susie: a debate is heating up over insider trading in congress. the house financial services committee heard testimony on a bill today that would stop lawmakers from trading based on non-public information they learn on capitol hill. the bill would also impose new disclosure requirements on lawmakers and their staff members. but the securities and exchange commission enforcement director warns if lawmakers go too far with the new rules, it could have unintended consequences outside of washington. >> in light of existing insider trading legal precedent, any statutory changes in this area should be carefully calibrated so that they do not narrow current law and therefore make it more difficult to bring federal trading actions against individuals outside of congress. >> susie: right now, lawmakers are subject to the same rules on insider trading as
of m.f. global to testify on thursday. no word yet on whether he will answer questions or assert his fifth amendment rights. darren gersh, "nightly business report," washington. >> susie: a debate is heating up over insider trading in congress. the house financial services committee heard testimony on a bill today that would stop lawmakers from trading based on non-public information they learn on capitol hill. the bill would also impose new disclosure requirements on lawmakers...
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Dec 16, 2011
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still ahead, another day in the hot seat on capitol hill for former m.f. global c.e.o. jon corzine, with more details about missing client money. >> susie: improvement on the jobs front helped stocks move higher. weekly jobless claims fell by 19,000 to their lowest level since may of 2008 with 366,000 workers filing initial claims. that encouraging trend supported stock-- the dow rose 45 points, the nasdaq added just over a point, and the s&p 500 rose nearly four. but despite that positive jobs news, brace yourself for another year of a weak economy and maybe a recession. that's the 2012 forecast from bank of america merrill lynch. here are the highlights: the investment firm expects global economic growth of 3.5%, but here in the u.s., the economy will be weaker, growing less than 2%. and there's a 40% chance of recession in the u.s., and they're predicting a deep recession in europe. the u.s. unemployment rate will stay around 9%, and oil prices will be above $100 a barrel. one of the economists who drafted that report joins us now-- michelle meyer, senior u.s. econom
still ahead, another day in the hot seat on capitol hill for former m.f. global c.e.o. jon corzine, with more details about missing client money. >> susie: improvement on the jobs front helped stocks move higher. weekly jobless claims fell by 19,000 to their lowest level since may of 2008 with 366,000 workers filing initial claims. that encouraging trend supported stock-- the dow rose 45 points, the nasdaq added just over a point, and the s&p 500 rose nearly four. but despite that...
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Dec 6, 2011
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global rule." it's named after the collapsed brokerage firm that's believed to have improperly used hundreds of millions of dollars of customer money. the new rules limit how the brokerage industry can invest client funds and stops firms from using customer money to buy foreign sovereign debt. separately today, two former m.f. global employees filed a class-action lawsuit against jon corzine-- the firm's former c.e.o.-- and other senior executives. the suit says they lied to employees about the firm's financial condition. here's what we're watching for tomorrow: quarterly results from retailers pep boys and men's warehouse, along with luxury homebuilder toll brothers. also tomorrow, it's the largest youth football and cheerleader program in the world. "beyond the scoreboard" looks at how pop warner has weathered a weak economy and how it's stayed in business for more than 80 years. you may see fewer cars at the mall this weekend. more than a third of u.s. shoppers are already done with most of thei
global rule." it's named after the collapsed brokerage firm that's believed to have improperly used hundreds of millions of dollars of customer money. the new rules limit how the brokerage industry can invest client funds and stops firms from using customer money to buy foreign sovereign debt. separately today, two former m.f. global employees filed a class-action lawsuit against jon corzine-- the firm's former c.e.o.-- and other senior executives. the suit says they lied to employees...
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Dec 13, 2011
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. >> susie: here's what we're watching for tomorrow: former m.f. global c.e.o. jon corzine is back on capitol hill facing questions from the senate agricultural committee about missing client money. also tomorrow, manpower issues its hiring outlook for next year and the federal reserve hosts its last policy meeting of the year. we'll find out what ben bernanke and other fed policymakers say about the economy. the justice department's challenge to the $39 billion merger of at&t and t-mobile is on hold. >> or whether to give up on the merger all together this that comes after a fed ral judge ruled today to put the justice's departments challenge to the merger on hold, the judge wants eight to deliver a status report by mid-january that specifically states if it plans to fight for the deal. >> tom: in an unprecedented move the securities and exchange commission is going after the agency that ensures investor brokerage accounts in the u.s. the suit against the securities investor protection corporation known as the sipc is an effort to repay victims of an alleged $7
. >> susie: here's what we're watching for tomorrow: former m.f. global c.e.o. jon corzine is back on capitol hill facing questions from the senate agricultural committee about missing client money. also tomorrow, manpower issues its hiring outlook for next year and the federal reserve hosts its last policy meeting of the year. we'll find out what ben bernanke and other fed policymakers say about the economy. the justice department's challenge to the $39 billion merger of at&t and...
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Dec 10, 2011
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. >> susie: the missing money still can't be located at m.f. global, but many customers of the bankrupt firm will soon be getting some of their money back. the judge overseeing the firm's bankruptcy today approved the return of $2.2 billion to clients. the move comes one day after former c.e.o. jon corzine told lawmakers he didn't know what happened to millions of dollars in customer money that's still missing. lots of money ghooing the market, as we said this european bill rallied. >> as he said down 200 points yesterday, up 200 point today, we will wait over the weekend but certainly optimism today. we'll roll with today's market focus. are thanks to some optimism from europe, we some some relief buying of u.s. stocks. stocks were poised for some gains from the opening bell. this is today's activity with the dow jones industrial average-- the dow finishing higher by 1.5%. today's gain helped pull the index positive for the week, the second straight week of gains. the dow was up four sessions, but even with the sell-off yesterday, it's 1.4% hi
. >> susie: the missing money still can't be located at m.f. global, but many customers of the bankrupt firm will soon be getting some of their money back. the judge overseeing the firm's bankruptcy today approved the return of $2.2 billion to clients. the move comes one day after former c.e.o. jon corzine told lawmakers he didn't know what happened to millions of dollars in customer money that's still missing. lots of money ghooing the market, as we said this european bill rallied....
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Dec 3, 2011
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. >> tom: a congressional panel today subpoenaed former m.f. global chairman jon corzine. he's being compelled to testify before a house agricultural committee hearing next thursday. the committee wants answers on the m.f. global's sudden collapse into bankruptcy in late october. corzine is a former u.s. senator, governor of new jersey and c.e.o. of goldman sachs. he has also been asked to appear before the senate ag committee in mid-december. >> susie: ten years ago today, enron filed for bankruptcy. the once powerful energy firm came crashing down in the wake of a massive accounting scandal. our guest tonight is the woman who exposed that fraud: sherron watkins. she was enron's vice president for corporate development and warned enron's top executives that there were misstatements and other shenanigans in the company's financial reports. known as "enron's whistleblower," watkins was selected by "time" magazine as one of its "persons of the year" cover in 2002. as we continue our series "enron-- 10 years later," we talk with sherron watkins. sherron, thank you so much for
. >> tom: a congressional panel today subpoenaed former m.f. global chairman jon corzine. he's being compelled to testify before a house agricultural committee hearing next thursday. the committee wants answers on the m.f. global's sudden collapse into bankruptcy in late october. corzine is a former u.s. senator, governor of new jersey and c.e.o. of goldman sachs. he has also been asked to appear before the senate ag committee in mid-december. >> susie: ten years ago today, enron...
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as proof, he points to the collapse of m.f. global and the 2008 financial crisis. >> the whole meltdown back in '08, it's a different risk analysis that you're looking at there, but it didn't prevent any of those companies from going through those problems. >> reporter: but a recent review by the securities and exchange commission found the costs of complying with the law is fairly small and has come down in the last four years. in addition, the s.e.c. says the rules does not chase companies offshore as the critics argue. supporters of sarbanes oxley say rather than relaxing corporate rules, they should be tighter, calling it all too easy to mislead investors with faulty financial reports. >> it's been very slow, though, and it's been very disappointing. in terms of how little has been accomplished, how little we seemed to have learned from enron and m.c.i., worldcom and the global financial crisis of 2008. >> reporter: regulators say exempting more companies from sarbanes-oxley will not save enough money to justify the increas
as proof, he points to the collapse of m.f. global and the 2008 financial crisis. >> the whole meltdown back in '08, it's a different risk analysis that you're looking at there, but it didn't prevent any of those companies from going through those problems. >> reporter: but a recent review by the securities and exchange commission found the costs of complying with the law is fairly small and has come down in the last four years. in addition, the s.e.c. says the rules does not chase...
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Dec 30, 2011
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of m.f. global. that company had a spectacular collapse around halloween. lots of mistakes to go along with there. in fact, prosecutors are still sorting it out here. but this guy was a public policy leader as a senator former governor and also a business leader, at least up until the last couple of months. >> he created, past tense, a culture that was very heavily focused on risk taking. the irony is that despite that, in a post-2008 financial crisis world you have to expect the regulators to kick the tires more than they did a few years ago and they did and corzine should have been smart enough to know that was a very high-probability event that would happen. >> tom: a list of mistakes, some spectacular, some forgettable and regrettable. sydney finkelstein is with us, a business professor at dartmouth. >> susie: that's "nightly business report" for thursday, december 29. i'm susie gharib. good night, everyone. we hope to see all of you again tomorrow night. "nightly business report" is made possible by: captioning sponsored by wpbt captioned by media acce
of m.f. global. that company had a spectacular collapse around halloween. lots of mistakes to go along with there. in fact, prosecutors are still sorting it out here. but this guy was a public policy leader as a senator former governor and also a business leader, at least up until the last couple of months. >> he created, past tense, a culture that was very heavily focused on risk taking. the irony is that despite that, in a post-2008 financial crisis world you have to expect the...
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Dec 14, 2011
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global. the senate agriculture committee wanted to know who authorized the use of that money for trades in the days before the company collapsed. corzine told lawmakers it wasn't him. >> i never directed anyone at m.f. global to misuse customer funds. i never intended to, and as far as i'm concerned, i never gave instructions that anody could misconstrue. >> susie: but the head of the c.m.e. group, terry duffy, told lawmakers later he believes corzine knew about at least one transfer of customer money-- a $175 million loan to a european affiliate. >> susie: despite all the hoopla this holiday season, retail sales were subdued in november. they rose only two tenths of a percent, much less than analysts were expecting and well below the gains in october. erika miller takes a closer look at what this could mean for the nation's retailers. >> reporter: even frigid temperatures couldn't deter these madison avenue shoppers from waiting to get into stores today. but plenty of others are opting to sh
global. the senate agriculture committee wanted to know who authorized the use of that money for trades in the days before the company collapsed. corzine told lawmakers it wasn't him. >> i never directed anyone at m.f. global to misuse customer funds. i never intended to, and as far as i'm concerned, i never gave instructions that anody could misconstrue. >> susie: but the head of the c.m.e. group, terry duffy, told lawmakers later he believes corzine knew about at least one...
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"devastated"-- that's how former m.f. global c.e.o. jon corzine describes his reaction to the collapse of the commodity brokerage firm. susie, under hard questioning before a congressional panel, corzine said he did not know what happened to over $1 billion dollars in customer funds. >> susie: tom, the former senator also said he never intended to break any rules, and he denied using his political clout as a former u.s. senator to win special consideration for m.f. global. >> tom: the star witness defended his decision to invest in risky european debt, blaming the firm's collapse on a loss of market confidence. darren gersh picks up the story. >> reporter: jon corzine is not the first c.e.o. to explain before congress why his company failed, but he is the first former governor and u.s. senator in more than 100 years to testify under subpoena. his voice subdued, corzine offered his side of the story. >> i apologize both personally and on behalf of the company to our customers, our employees, and our investors. i truly know they are bear
"devastated"-- that's how former m.f. global c.e.o. jon corzine describes his reaction to the collapse of the commodity brokerage firm. susie, under hard questioning before a congressional panel, corzine said he did not know what happened to over $1 billion dollars in customer funds. >> susie: tom, the former senator also said he never intended to break any rules, and he denied using his political clout as a former u.s. senator to win special consideration for m.f. global....